Looking to diversify beyond HCAL.TO? The ETFs below have the lowest correlation with HCAL.TO — they tend to move on their own, which can help reduce risk when the rest of your portfolio drops. The stock ideas table highlights individual companies that behave independently from HCAL.TO.
Best Diversifiers for HCAL.TO
14 ETFs have low correlation with HCAL.TO (below 0.3), 7 of which are negatively correlated. The least correlated is Global X S&P/TSX Capped Energy Index Corporate Class ETF (HXE.TO) (Energy Equities) with a 1Y correlation of -0.15, down from 0.25 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Global X S&P/TSX Capped Energy Index Corporate Cla... | -0.15 | 0.11 | 0.25 | 77 | Energy Equities | HCAL.TO vs HXE.TO | |
| BetaPro S&P/TSX Capped Energy 2x Daily Bull ETF | -0.14 | 0.11 | 0.27 | 79 | Leveraged Equities | HCAL.TO vs NRGU.TO | |
| iShares S&P/TSX Capped Energy Index ETF | -0.13 | 0.11 | 0.27 | 79 | Energy Equities, Canada Equities | HCAL.TO vs XEG.TO | |
| Hamilton Energy YIELD MAXIMIZER ETF | -0.10 | — | — | 63 | Energy Equities, Derivative Income | HCAL.TO vs EMAX.TO | |
| Global X High Interest Savings ETF | -0.03 | 0.02 | 0.02 | 100 | Money Market | HCAL.TO vs CASH.TO |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from HCAL.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to HCAL.TO and solid risk/return profiles. The least correlated is Canadian Natural Resources Limited (CNQ.TO) (Energy) with a 1Y correlation of -0.15, down from 0.26 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Canadian Natural Resources Limited | -0.15 | 0.10 | 0.26 | 83 | Energy | |
| Enbridge Inc. | -0.03 | 0.25 | 0.37 | 91 | Energy | |
| Sprott Physical Gold Trust | 0.16 | 0.08 | -0.04 | 66 | Financial Services | |
| Bird Construction Inc. | 0.28 | 0.33 | 0.39 | 96 | Industrials | |
| MCAN Mortgage Corporation | 0.38 | 0.40 | 0.38 | 96 | Financial Services |
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